Jeremy Jenks: Good morning, good afternoon. Here’s your Carolina Forest market update video. S0 the first thing that we’re going to talk about in Carolina Forest you’re going to see a couple of series of these is we’re going to talk about the month’s supply of inventory. Let me move my little finger there. What’s month’s supply of inventory and why is it important?
First thing, we’re using the 29579 zip code, which is the Carolina Forest area and grabs a little bit of the surrounding, but it’s in that same school district so it works out perfectly for our stats and for our purposes today. A month’s supply of inventory is: how long would it take at the current inventory levels for you to sell out? If there are 10 homes on the market and you sell one a month, it’s going to take 10 months to work through all that inventory. It’s a snapshot.
The National Association of Realtors has studied this; It’s a very important stat. You can kind of see inventory building up, and you know maybe something’s wrong with the market if you studied this so we keep an eye on it. At six months of inventory and below there’s not much inventory, it’s a ‘seller’s market’. Sellers can raise their prices. Six months and over of inventory, and you’ve got a ‘buyer’s market’. There’s a lot of supply and buyers can kind of pick whatever they want.
First one we’re going to take a look at is: anywhere in Myrtle Beach you’ve always got to respect new construction. We look at them separately. Previously owned: I did three years on this one so you can kind of see the trend. Previously owned 2015 was 6.25, 2016, 5.9 months of inventory, and this is, of course, January, around the turn of the year. 2017, 5.3.
What you’re seeing there is you’re seeing a really nice just kind of constant decline. I went back a little further, so you can see around 2016 was when we broke from what they would call a ‘seller’s market’ … I’m sorry … we broke from a ‘buyer’s market’, we just tipped the line and went into a ‘seller’s market’.
Now, new construction, this is a little bit more interesting to me: 2015, 8.5 months of inventory, 2016, 5.0 months of inventory, and no 2017, 5.7. What happened there? Some builders have opened up new communities in the Carolina Forest area and the month’s supply of new construction is actually going up. New construction in this market is very competitive and it’s something we all have to keep our eye on. Stay tuned for next week. I’ll give you all some more Carolina Forest market update stats.
For more information: Jeremy Jenks, Vice President of Sales, TheTrembleyGroup.com, 843.638.3002
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